To buy or to rent, that is the question. It seems like a constant dilemma, to which the solution depends on several factors. One factor is related to how long you’re planning to stay in the new home. If you plan to move after a few years (up to five, for example), renting is a better option.
But, if you plan to settle down for good, then buying a home and making a lifetime investment will suit you better. Whether you’re looking for homes for sale in Lebanon, Oregon, or elsewhere around this lovely Pacific North-Western state, in this article we will try to provide you with clear information on affordable rental or ownership housing.
After the recession in 2007-2008, Oregon recovered successfully and became one of the leading and fastest-growing economies in the US. This was due to the emergence of new high-paying jobs, as well as the new residents who came from across the whole country, looking for work and life in the mild climate surrounded by nature.
An increase in housing demands became obvious. It resulted in price-escalation and permanent rent growth. Increasing rates of homelessness are among the worst consequences of such a process happening in Oregon.
Other than that, smaller towns and rural areas started to have their own housing struggles, related mostly to low-income households. Brokers in Lebanon, Oregon can testify to that as well. On the flipside of that coin, the main issue that big cities started to face was fast growth, followed by strains on infrastructure, including freeways, public transportation, and schools.
Housing prices in Oregon rose 32% faster than the income between 1992 and 2007. To put that into perspective, only California, Washington D.C., and Hawaii had higher rates of increase.
As land became less available, it consequently made the houses less affordable. Oregon’s regulations on reducing land supply, along with the high level of anti-sprawl policy and land conservation have triggered this poor affordability across the state. However, for those looking for land for sale in Lebanon, Oregon, or other smaller yet capable and active communities, there is a good housing supply.
The latest trends in the real estate market around the state showed how various and unexpected variables can influence the changes in housing costs. The outreach of the COVID-19 pandemic is the most obvious one. What happened in 2020 is that the homes in Oregon became even more valuable than they used to be.
Undoubtedly, this is especially true for the Portland area, however, the same does go for the suburbs, which experienced expansion, thus attracting those who are looking for more living and yard space. Lebanon, Oregon real estate market is just one of the examples for this statement. Due to the social distancing measures, people across the US have started rethinking their living habits and searching for homes outside big cities.
Many people have realized the benefits of suburban or even rural living. Oregon has been the logical choice for the majority, since it has a wide variety of suburban living options.
Nevertheless, don’t let the skyrocketing prices prevent you from realizing your life-long plans. Trends are changeable, while the exceptions from the leading course are always possible. The best real estate agencies in Lebanon and around Oregon will assist you while looking for your dream home and deciding whether to buy or rent it.
Just like in every other aspect of life, there are pros and cons in real estate decisions, as well. The place, the type, the size, and the price of your future home are the most significant elements of deciding. Choosing between renting and buying is another important factor.
Portland took place on the list of top ten cities in the country where it may be more affordable and cost-effective to rent than to buy a property. After such enormous growth in recent years, it is no wonder why housing affordability has not been the common word in the biggest town in Oregon lately.
The average sale price per square foot in Portland is around $300, while the same price for the suburban square foot is around $200. The average house for sale in Lebanon, Oregon sale price per square foot is $215, which makes it among the most affordable in the state.
However, there are several additional factors you should consider when researching your own living and housing strategy.
Owning a home can be a long-term investment. By buying a home, you build up capital that can be recaptured once you sell it, depending on the real estate market conditions. Since the housing market in Oregon has been blooming for the past few decades, this kind of capital can be quite profitable, especially right now.
Before you consider buying a house or an apartment, try to think about what kind of mortgage you will apply for, as well as how much of a down payment can you afford. Additional worries you may face are related to the potential mortgage insurance and real estate taxes around the area in which you are looking for property.
Having in mind all these details, you can more easily estimate how much your new ownership will cost you on a monthly basis. Moreover, depending on your personal priorities and general life circumstances, sometimes low mortgage interest rates make home payment less than rent, especially if the buyer has a sizable down payment to ease the monthly payments.
If buying is not your option, renting is always a possibility. Do not hesitate to search for real estate agencies in Lebanon, Salem, Portland, or elsewhere around the state to help you get through this process more efficiently, and to find a solid, healthy place to live.
All things considered, putting a final word on the choice between buying and renting a real estate property is never an easy task. Oregon has its own, specific factors that should be considered while making such a decision, just like any other area.
Housing market trends are showing that people have changed their habits quickly, and now are looking for more flexible spaces for living, with the aim to live, work, relax, and exercise in the same house at the same time.
Under these circumstances, it is possibly easier to buy a home and adapt it according to your needs, than to rent someone else’s. Still, states such as Oregon are quite suitable for both renting and buying such properties, due to the existence of a modern and up-to-date real estate market.
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